Bitcoin price succumbed to the bear market this year, deepening below the 2017 high of $20,000. However, it is trading above its psychological support again this weekend. Meanwhile, it is stuck in a tight range capped at $19,000 to $22,000. So when will we talk about bullishness for the leading crypto?
Bitcoin price struggles in tight range
Market conditions are still fragile and BTC is falling back below the $20,000 price level. The increase in sales volume caused BTC to drop. Bitcoin has fluctuated between $22,000 and $19,000 over the past month. Therefore, it has to trade above $22,000 for an extended period of time to invalidate the bearish thesis.
During this time, Leader was low on savings for crypto. Because most of this month, Bitcoin is trading in oversold zones. However, it’s too early to tell whether Bitcoin has come out of the intense volatility phase. Fluctuations in price are pushing BTC back below its current level.
BTC four-hour chart analysis
BTC is currently trading at $20,700. Meanwhile, it formed an ascending channel on its chart. It is too early to tell whether BTC has successfully depicted a breakout. For this move to be considered a breakout, it must break $22,000.
General resistance is $21,000 and then $22,000, respectively. From the current level, it will drag BTC to the $19,000 region and then to $17,000. Meanwhile, the amount of BTC traded has dropped significantly. This shows that the selling pressure has decreased on the four-hour chart.
technical part
cryptocoin.comAs you follow, BTC is moving up in an ascending channel. The RSI depicts a recovery as the indicator causes the indicator to break above the half line showing the falling selling power.
With the ongoing buying momentum, BTC will invalidate the bearish momentum. Bitcoin price is trading above the 20-SMA, which indicates that buyers are driving the price momentum. The price is also above the 50-SMA and the 200-SMA, which is considered extremely bullish for Bitcoin.
BTC offered a similar reading on the MACD relative to other indicators. The MACD determines the price momentum and signals the bullish transient towards which the price is headed. Due to the bullish crossover, the indicator has recorded green signal bars, which is a buy signal for Bitcoin. Buyers acted accordingly, hence the increased purchasing power of Bitcoin. The Parabolic SAR shows the price direction and the dotted lines below the candlestick show the positive price direction.
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